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harry reid warned it will be tough to reach a deal to avoid the fiscal cliff before christmas. we all note deadline, december 31. take a look at how we're finishing the day. the dow jones industrial average up about 80 points today. it was higher, much higher than 100 points earlier today, up two-thirds of 1%. volume on the light side this afternoon. nasdaq composite picked it up. technology up better than 1%. s&p 500 also on the upswing. markets maintaining steady gains all day long. david kudlow and bob pisani and barbara from the street. welcome to all of you. what about coming off the best levels? >> hitting search-week highs. 13,245 is where we ended the night of election and waiting for it to settle out. 13,248, so we are exactly where we were when the elections closed. i think the important thing is as long as there is some indication that they are talking the markets are holding up very well. i think the concern is after a deal happens, i think we'll have it, what will happen after, that and a lot of people are worried now that austerity is coming. that's a negative for stocks
medicare cuts that could be part of a fiscal cliff deal. we talk with maryland congressman chris van hollen. >> tom: i'm tom hudson. two hurricanes in two years for the northeast-- a region not used to big storms comes to terms with the cleanup and cost. >> susie: and it's green monday, one of the most popular days for online shoppers. we've got details. >> tom: that and more tonight on nbr! >> susie: president obama was in michigan today, campaigning on his plan to avert the fiscal cliff. speaking to union workers at the daimler detroit diesel engine plant, the president said he is willing to compromise "a little bit" with republicans on getting a plan for economic growth, job creation, and reducing the deficit. but he said he would not compromise on raising tax rates for high-income earners. >> and that's a principle i won't compromise on because i'm not going to have a situation where the wealthiest among us, including folks like me, get to keep all our tax breaks, and then we're asking students to pay higher student loans, or suddenly, a school doesn't have school books because the scho
report" he is optimistic about getting a fiscal cliff deal by the end of they year. maryland congressman chris van hollen talked with our darren gersh, and began with an update on the status of the talks. >> well, the good news is that the president and the speaker of the house are now in face-to-face discussions. it's always better to be talking than not. the other development is that increasingly congressional republicans recognize that the position that they had staked out is unsustainable. >> one of the arguments we hear from some democrats is that the fiscal cliff isn't really a cliff, it's more like a slope and you could gradually go down it and the withholding from tax wouldn't kick in for a while and the spending cuts wouldn't hurt the economy for a while. do you think it is good idea to go over the deliver and it is more of a slope. >> no, i think would be a mistake to go over the fiscal cliff because it could set in motion lots of things that could be a drag on the economy. that being said, i think if it's clear that the parties were working toward a negotiation, that you could
the fiscal cliff negotiations. what you see is what house speaker john boehner said he is hopeful a deal will be reached, but also added the g.o.p. wants the white house to provide details on spending cuts. but in the white house wants the same thing from the g.o.p. but either way that is good enough for the market. we took off and we stayed to the upside. so far neither side has been specific on spending cuts so coming up in just one hour o ony 4:00 p.m. eastern, former treasury secretary paul o'neill says he has easiest way to cut spending. fox business exclusive and in this our whole host of leaders in business talking about what specific they want to see. in terms of individual standouts. apple right now about 2% to the upside. some excitement over the iphone 5. how is this for a order in china. brenda marshall says china unicom has more than 300,000 people on the waiting list. nicole petallides with talk about this earlier, but that is enough to boost the stock. sales in china friday, can you imagine the lines? sec don't airlines is soaring. up nearly 6%. delta says they will buy 49
towards the sharp edge of the fiscal cliff. we've is asked our politicians to seem compromise and find a solution. the clock is ticking down. the stakes are getting higher. now we're turning up the pressure. this is a cnbc special report, "mission critical, rise above d.c." >> and we do welcome you to "closing bell." i'm bill griffith here at the new york stock exchange. hey, maria. >> hey there, bill. big rally where you are. i'm bartiromo coming today from the white house for our special coverage. stocks rallying on the on the missile that perhaps we are nearing a fiscal cliff deal. coming up we'll, find out from key lawmakers in the fiscal cliff negotiations how we can actually get a deal done before the deadline. representative chris van hollen, lynn jenkins and javier becerra as well as sore orrin hatch with us. we'll hear from former treasury secretary altman and jeff greenfield. bill? >> stocks are trading off the highs of the day with less than an hour to go. final hour, really from the get-go. optimism about the cliff talks and senator harry reid made some comments this aftern
, of course, the president. wile we focus on the fiscal cliff negotiations, or more appropriately the impasse, many of our state governments aren't in much better shape. state pension systems, unfunded liabilities are now estimated to be in the range of $2.5 trillion to almost $4 trillion. leading is california with more than $370 billion in unfunded pension liabilities, only 47% are currently funded. a pension debt per household in california of almost $30,000. illinois close behind, $167 billion in unfunded liabilities, 28% funded, and the state pension debt per household amounting to over $34,000. in municipal bonds illinois sold over $5 billion in bonds this year making it the third biggest debt issuer in the first three quarters this year. california and new york, numbers one and two with. the issue of unfunded pension liabilities with the passage of right-to-work laws is a subject that i'm going to be taking up with our next guest. -@mallory factor, author of can the bestseller, "shadow boxes: government nioos control america and rob taxpayers blind." we are delighted to have you with
if they are doing their part to rise above partisan politics and reach a deal on the fiscal cliff. good morning again, everybody. i'm becky quick. here is what we know right now. the pace of private talks picking up speed as we now have just 20 days left. however, neither the white house nor house speaker boehner's office are giving any public indication that either side is yet prepared to give up real ground. on a road trip yesterday, president obama indicated that he is willing to compromise, just not on that point about an increase in tax for relthy americans. meantime, speaker boehner says he is still waiting on specific spending cuts. joining us now for analysis, tony fratto, of hamilton place strategies and former white house press secretary and gerald bernstein former economic adviser to vice president joe biden. gentlemen, thank you for being here with us and getting this special day of coverage kicked off for us. >> rising early and rising above. >> exactly. let's talk about this. jared, it seems like things have gotten quieter. do you think that's the case? is that a good sign? >> i t
agree? and despite the fiscal cliff, there are ny positives heading into 2013. we will tell you what the biggest one is. welcome to "the willis report." hey, everyone, i am tracy byrnes in for gerri willis. the only have 2 days separate in the u.s. for more than $500 billion in x hikes. while both sides say the lines of communicationre open. getting a deal to avert the fiscalliff, president made it ry clear he is holding the line on hiking taxes on the top 2% of earners. customizing a little bit with republicans. ining us, ter barnes. what exactly ihe willing to compromise on? >> on the big item, the big kahuna. increasingaxes on families earning more than $2,000 per year story leaving the door open to a compromise on higher tax rates, higher rates. when anas repea ask repeatedly s demanding thtop tes return to the clinton administration in and the top rate was 39.6, he does not say yes, have to have that to get a deal. but hes not backing f his demandrates up by some amount of wealthier falies so the buzz is he might settle or comprose forometng in between like 37%. there is specul
that fiscal cliff, there's another really big conversation that's brewing about how each and every one of your hard-earned tax dollars is actually spent. we got a reality check for you that you may not like to hear. for every one dollar that the government collects, it spends 71 cents of it on the big four. the big four are medicare, medicaid, social security, and interest. just interest on the nation's dea debt. so that ain't pretty and i'm sorry to say it's not getting any prettier. in the next four years, those costs will eat up 100% of every dollar that the government collects. these are sad statistics from the government accountability office. no money for defense, nothing for education, food, safety, veterans, the whole shebang. it's basically in your own personal economy like spending every cent you earn on your mortgage and nothing else. no food,clothes, no car, you get the picture, right. the 20-year prediction is even more mind blowing. the big four is set to consume $1.21 for every $1 that you pay in in taxes, which brings us back to the cliff, the fiscal cliff, and how lawmakers ca
for your businesses and it is not a game i will play. >> but the fiscal cliff still looms. cnbc has called on lawmakers to rise above gridlock and reach a deal. now we're beating down their doors. live from our nation's capital, this is a cnbc special report. mission critical, rise above d.c. >>> welcome back from our nation's capital. i'm mario bartiromo with brian sullivan. we continue our fiscal cliff coverage, "mission critical, rise above d.c." we've heard a lot after a morning of interviews and action on capitol hill. here is what we know now. just a short while ago house speaker boehner said he's still waiting on a solid plan from president obama. >> i'm hopeful we can reach an agreement. this is a serious issue. there's a lot at stake. the person people sent us here to work together towards the best possible solution, and that means cutting spending. the president doesn't agree with our approach, he's got an obligation to put forward a plan that can pass both chambers of the congress. >> meanwhile despite all of the back and forth, the market is seemingly optimistic today. at least
to drop the price. >>> local seniors are taking a stand and making their voices heard in the fiscal cliff crisis. >> make it swift. don't throw seniors off the cliff. >> a group of workers and community leaders rallied outside the representative's office in san jose this morning. they say money should come from raising taxes on bank and corporations, not from cutting social programs. seniors held similar rallies today in 14 other california cities. >>> the president and house republicans have three weeks to compromise on tax hikes and spending cuts. ed to president obama hit the road to rally support from his plan. cbs reporter danielle nottingham has the latest from washington. >> president obama's public campaign to steer clear of the fiscal cliff took him to a diesel engine planted detroit. >> if congress doesn't act soon, meaning in the next few weeks, starting on january first, everybody's going to see their income taxes go up. >> private face to face talks were revised this weekend when house speaker boehner went over to the white house. neither side is releasing details about the c
to the fiscal cliff. cnbc's challenge to lawmakers to rise above partisan politics, seem compromise and find the solution. the clock is ticking down. the stakes are getting higher. now, we are turning up the pressure. this is a cnbc special report, "mission critical: rise above d.c." >> welcome back to our continuing coverage, mission critical: rise above d.c. we've been here all morning long. while we've been here on capitol hill, we've been talking to lawmakers about rising above gridlock and reaching a real deal on the fiscal cliff. in the last hour we sat down with grover norquist saying no one should strike a bad deal, and that there is no better reason to raise taxes now than there was in the past. he also added he thinks house speaker boehner has been a good leader during the fiscal cliff negotiations. and then we were joined by bob corker and bob conrad. corker said we need to focus more on entitlements now, and he will not sign any package that doesn't deal with entitlements at this point. conrad said more, not less, should be included in some sort of a big deal. by big deal, he mea
of going over the fiscal cliff. let's get you updated on the market as we do every 15 minutes, stocks now. let's go to the floor of the new york stock exchange. the market having a good day today. nicole: indeed. we have been over the 13,300 mark but still holding onto stellar games, lori and melissa. so up triple digits up 110 points so really is a nice showing. 28 of the 30 dow components in the green. we heard from house speaker john boehner. the overall sentiment after he spoke is a few negative pieces of language in his speech that ultimately in the end he was trying to say they're trying to work it out. smooth it over, ultimately. they know a couple of trends we are seeing, technology, materiall, two areas coming under pressure recently starting to turn. europe seeing improvement helping equities along as well. lori: not sure if you mentioned the fed. we were talking about it at the top. talking about their expectations of ben bernanke. nicole: would even throw out the idea of stimulus? that helped things along pushing us along throughout this entire last six months. lori: absolutel
to hold warrants urchase aig common sck. investors refusing to give up hope on the fiscal cliff. the dow and s&p 500 gained post-election day tumble. the dow climbed 13 points for its fourth straight game. >>> more trouble for once untouchable apple. jeffries cut its price target by 100 bucks down to 80 ashare. shares fell by more than half a percent on theews. >>> now on to our top story. tonighis taxes and how hard we are all about to get hit. there are already a trillion in t increases baked rig into the obamacare law and that means upper being in earners will see billions of dollars in tax hikes as it is. for democrats it is not enough. with republican lawmakers backing off the pledge not to raise taxes looks like tax hikes for the wealthy are certainty. joining for more, grover norquist, president of americans for tax rform. thanks so much for joining us. >> absolutely you say a lot of people are missing the fact that obamacare baked in a ton of tax hikes for wealthier ericans as it is? >> people talk about the fiscal cliff as if it is one ing. it is three. there's the obamacare tax
support for the president's view of -- proposal for resolving the fiscal cliff. does the left believe that this debate will be solved through internal negotiations between the parties or through outside pressure being brought to bear from the general public? >> well, it's our position that this is one of those issues that is very important to the american public, an issue that affects everyone, and one where it's absolutely appropriate for the president and for the -- for members of congress to engage with the public on and seek their opinions and encourage members of the public to participate by adding their voices to the debate. i think -- we were talking about this i think a week -- the week before last in anticipation of a trip the president was going to make and you know, to me, i think it makes all the sense in the world for leaders in washington to go out in the country and engage the american people on these incredibly important issues. we saw that this was the subject of sustained debate during the campaign and i think that reflected the assessment of both the candidates and
close to this fiscal cliff, both sides agreeing to get serious. we have heard the house speaker will update us on the talks within that hour from house floor. we will hear what speaker banner has to say. joining us right now are to congressman. would you vote if there was an agreement? >> i think it will be a balanced plan that will increase revenues by raising the rates on upper income families, but, at the same time, agreeing to substantial cuts. connell: the reason i started by asking that question is because i am sure it is frustrating, the members of congress to not be involved in this. this is two guys behind closed doors. what about from your side of it. will the speaker have the votes, even if he gives in? >> we do not know. as you suggested, you cannot have 218 or 435 or 535 people in a room trying to negotiate. this is the way you kind of have to do it. one on one. he needs 217 other people in the house and 60 people in the senate to make that deal because law and actually ring that deal through. i do not think there is any guarantees either way. connell: what cannot b
to make the rich pay more taxes. he wants a deal to avert so the called fiscal cliff. some of the supporters were holding rallies across the country today. this drew about 50 people or so. however, they don't want to give up cuts for social cuts. >> i think it's important to recognize we can put revenue on the table. there are areas we know where we can have some significant place autos several republicans joined democrats today to point to one area that will be targeted or should be, defense spending. today, 11 republicans called on the president to chop $550 billion from the defense budget. >> if the country goes over that fiscal cliff, california has an awful lot to loose. more than other states, in fact. >> washington is sounding like sacramento these days waiting until the last minute to reach a deal, a trigger cuts if one isn't reached. as washington waits to come up with a deficit reduction, it's becoming clear california has a lot at stake if the fiscal cliff isn't averted. the state could lose $4.5 billion in federal funds. the legislative analyst office estimates
on lawmakers as they try to hammer out a deal on the fiscal cliff before the holiday recess. >>> new details on a navy s.e.a.l. who died during a daring mission in afghanistan. >>> plus, a fireball over texas, and more dogs behind the wheel. good morning, even. i'm lynn berry. there is a renewed sense urgency in washington as house members returned to town today with just 21 days left to avert that so-called fiscal cliff, and if the framework for an agreement isn't reached by the end of the week, lawmakers could be spending christmas in d.c. tracie potts has those good morning. >>> the president sitting down with john boehner, the staff sitting behind closed door, but today republican members come back to capitol hill and boehner may have a problem. >> all these members are going to come back to town, and they're going to want to play a role in these negotiations. >> the house is back today. that means conservative republicans who insist the wealthy keep this year's tax breaks could put the squeeze on their own party. that's the one thing president obama refuses to bend on. otherwise he says
'm larry custody low. this is kwoez custody. all right. some possible optimism on the fiscal cliff. the gop seems to be in a strategic retreat and is likely to allow middle class tax cut bill to pass before december 31. now that's what my washington contacts are telling me. there are many bells and whistles. i believe that's likely. the president went to detroit today to send the fiscal plan and came out against the michigan right to work effort like he did in wisconsin and he's going to lose this one in michigan. meanwhile the economy and jobs are improving but the use of budget busting food stamps continues to soar. could the aggressive food stamp reason why? wait until you hear some of the radio ads. >>> proeb jumped head first into a right to work law today in michigan. eamon javers has the details. good evening. >> reporter: good evening. we are monitoring fiscal cliff talks. it's been radio silence from democrats and republicans in washington. they're sticking to preagreed upon talking points explaining that lines of communication are open. we don't know what it is speaker baner and b
work behind the scenes to find a way to avoid the so-called fiscal cliff. >>> it's a family affair. the macks are here. they're both leaving congress next year, not on their own terms but not before trying to figure out our fiscal future and even they don't agree on what to do. >>> plus, a major fight over the role of labor and their power. it all unfolds in michigan. is it the new wisconsin? find out what is driving the big change in the state. that's home to one of the most powerful unions out there. the united auto workers. good morning from washington, tuesday, december 11th, 2012. i'm chuck todd. one of those times in washington when the less that is said the better the news may be, that is if you hope lawmakers and the president come to an agreement on a verdict in this so-called fiscal cliff. we know some of you don't want to deal, but the president has no public events today and not many planned for this week. many at the white house and congress believe the less that anyonecome pains publicly the better the chances are at striking some sort of fragile deal. the president w
on the fiscal cliff. this morning "washington journal" talk to a business representative about his take on the negotiations. host: let's begin with what is business forward, how did it come about? guest: is simple mission. our job is to make it easier for business leaders in the country who care about policy issues but did not have a washington office or a lobbyist, to speak about the issues of public policy. host: is this a brand-new organization? who is involved? >> we have been around 3 1/2 years, supported by some of the biggest companies of the world, with business leaders are in the country. we go out to small business owners, entrepreneurs, venture capitalist to get them involved in policy-making. what we do is we bring administration officials, members of congress, governors out to cities around the country to be briefings with business leaders. what we also do is bring the business leaders to washington. we tell them how to grow jobs and accelerate. host: what did the business leaders say to the president and how did it come about? guest: we have been doing this for a year, bri
on the fiscal cliff. here's the wall street journal -- but then here's the "washington times this morning with their deadline -- headline -- so those are two headlines on house speaker john boehner and how he is doing in the fiscal cliff tops. headline is the president and the speaker both press each other. so that the latest in the back and forth on the fiscal cliff talks. the polls out, this is one from gallup. and the new york post shows this poll -- back to our topic, our question, do you support or oppose right-to-work laws? paul in utica, michigan, democrat. caller: i live in suburban detroit. i am a retired union worker, not automotive, by the way. i don't think my union is a thug in any way, but i think it's a sad day for the state of michigan. if the workers in this country cannot look to michigan like they always have, for a decent pay, and i think that is where we are headed, i just think it is a sad day. all the people who voted for these republicans, they are going to get what they asked for. this is what is going on here. i really sad about it. host: the car czar for michiga
. >>> to the fiscal cliff negotiations now. it is crunch time. with just three weeks before higher taxes and spending cuts kick in, negotiations are underway, but it's not known what if any progress is being made. speaking in michigan yesterday, the president said he's willing to compromise a little, but the gop wants to know specifics. danielle nottingham has more. >> reporter: president obama's campaign to steer clear of the fiscal cliff took him to a diesel engine plant outside detroit. >> congress doesn't act soon, meaning the next few weeks, starting on january 1, everybody's going to see their income taxes go up. >> reporter: private face-to-face talks were revived this weekend when house speaker john boehner went over to the white house. neither side is releasing details about the conversation, but taxes are still the big sticking point. >> i'm not going to have a situation where the wealthiest among us including folks like me get to keep all our tax breaks. >> reporter: republicans have adamantly opposed raising taxes, but now some are considering it if democrats agree to social security and
been made or how little progress between the president and congress on the fiscal cliff situation. >>> and we'll find out just how much the european debt crisis has affected tourist's willingness to travel to southern europe. >> and then south korea's presidential election, yes, it's not just japan, and what to expect from the winner. >>> let's just plug you into where we are with this global market. more now on the global trading day in europe. 5-4 advances just about outpace decliners on the dow jones stoxx 600. most european stocks were up yesterday. the dax up 13 points. the dax, second highest close of the year, still up 27.5% for the year. right now, the ftse sound, the cac kron, closed at a fresh 52-week high. and the ftse is up 13 points despite falls from italian banks. let's show you where we are as far as the bond yields are concerned. we just check in. italian yields, 4.4% on the year. we'll show you the twos and tens, as well. i'll give you more on how that compares to where we closed yesterday. so the two-year, that's the low where we were yesterday. 10-year spanish
washington today, trying to build public support for a fiscal cliff agreement. it came a day after he resumed talking with the top house republican, and as a year-end deadline moved even closer. the president took his public campaign for a deficit deal on his terms to the daimler diesel plant in redford michigan. >> if congress doesn't act soon meaning in the next few weeks, starting on january 1, everybody is going to see their income taxes go up. it's true. y'all don't like that? >> no! woodruff: instead, mr. obama again pressed for raising tax rates on the top two percent of incomes. >> and that's a principle i won't compromise on because i'm not going to have a situation where the wealthiest among us, including folks like me, get to keep all our tax breaks and then we're asking students to pay higher student loans. >> woodruff: his michigan visit came a day after the president and house speaker john boehner met privately at the white house. their first one-on-one session since the election. neither side gave any details about what was discussed. instead they issued identical statements sa
tonight, we'll update negotiations aimed at avoiding the fiscal cliff. >> ifill: then, we look at michigan's debate over right-to- work laws which would prevent labor unions from requiring membership. >> woodruff: paul solman explores the tax deductions that could be on the chopping block in the quest to bring down the deficit. >> we estimate $1.1 trillion a year in revenue the government gives up because of all the tax breaks. that's enough to solve the revenue problem but it's not going to happen. >> ifill: ray suarez has a newsmaker interview with secretary of homeland security janet napolitano. >> you can discuss border security and immigration reform simultaneously now. we don't have to this kind of first this and then that. at this point they actually go together. >> woodruff: special correspondent rick karr reports on the polluted waters that spilled into new york homes and businesses in superstorm sandy, raising health concerns. >> everybody sort of got sick at the same time. all of us sort of attributed it to, well, we're all stressed out. it's very cold. but that said, there is a
that gives workers the right to not pay dues. >> steve: washington can't find a solution to the fiscal cliff . but someone who fixed budgets in the past know it is simple. >> if i raise taxes again i will have to do it in two or four years . people are going to leave. >> steve: find out how america's mayor did it straight ahead. straight ahead. feel a cold coming on? gretchen, you will be better in no time. we'll drink to that. >> you will be better in no time and all of my teases will rhyme today. "fox and friends" starts right now. ♪ ♪ "fox and friends". >> steve: ho, ho, hompt look who is here today eric boling. >> gretchen: you get your own personal lurch. >> eric: good to be here. >> steve: you will find out how booze, beer and wine can make you healthier. the news we have all waited for. >> gretchen: yeah, a lot of people waking up with a headache. now it makes sense why i drank so much last night. overnight a developing story. a medical chopper went down last night leaving three people dead. the chopper which is reggistered to rock ford memorial hospital it went down in a field .
the fiscal cliff and continued instability in european markets, i believe a temporary extension is needed. therefore, i believe a clean two-year extension makes the most sense. it provides the most certainty for business and financial institutions. it also provides time to prepare for the end of the program in two years. i want to note that this legislation has a cost recovery provision that ensures that no taxpayer is on the hook for this insurance, financial institutions pay for the coverage. this is not and never will be a bailout. this is simply additional insurance paid for by the banks to ensure that these accounts remain stable. lastly, i want to thank lydia -- leader reid for making this issue a priority in the lame-duck session. i also want to thank senator shared brown for being -- share order brown for being a great partner on this important topic. the administration has just issued an s.a.p. in support of the tag and i ask unanimous consent to enter it into the record. the presiding officer: without objection. mr. joorns mr. johnson: i ask my colleagues to support the extensio
john boehner sent a counteroffer to president obama to fend off the fiscal cliff. in a response to an offer made by the white house yesterday, we go to rich edson from washington, d.c. with the latest. rich, any response from the white house on this? >> still working on that. aids say in exchhnge of proposals taken place, some movement, but still major differences between the white house and speaker's office. fox news reports the speaker and president just spoke on the phone. white house folks say there's a sign of movement. a senior house aide says the white house reduced the demand for tax revenue increases from $1.6 trillion to $1.4 trillion, well short of the latest republican offer of $800 billion, though, there is another offer on the table from republicans that the details are unknown. boehner spokesman says we acceptability the white house a counteroffer to achieve reform to solve the crisis. we're still waiting for the white house to identify which spending cuts the president is willing to make as part of the balanced approach. fox news is reporting senior white house o
" tonight, cliff, slope, grand canyon. i don't know, martian cave, jupiter like storm. is the fiscal cliff really a fiscal slope. a downward spiral to something much worse. the possibility of going off the cliff is just 22 days away, and it sounds pretty ominous, but it could be a walk in the part compared with what could happen if lawmakers don't take a closer look at our bigger debt picture and soon. because what they're talking about is peanuts. president obama was in michigan today pushing his fiscal cliff plan. he made the solution sound so simple. >> when you put it all together, what you need is a package that keeps taxes where they are for middle class familiefamilies, w some tough spending cuts on things we don't need, and then we ask the wealthiest americans to pay a slightly higher tax rate. >> but not so fast, mr. president. we need a little more than you're talking about. president obama says his plan reduces the deficit by $4 trillion over ten years. forget the fact it counts war savings which shouldn't count. let's go with the $4 trillion. john boehner said his plan cuts $2.
report is coming up. >> we're watching the talks to train the white house and the gop as the fiscal cliff is looming just 21 days away. >> of weather and traffic may be on your mind this morning so let's check in with erica. >> today's forecast is not as good as yesterday's. increasing fog and clouds cover this afternoon and it looks like rain is on the horizon. out the door temperatures are in the first 30's and 40's. we will only warm things up into the upper 50s low 60s. those of the cooler conditions and rain as on the way. current conditions 37 for a delay of 38% for rosa 44 for hayward 45 for redwood city. dallas they were the numbers are expected to go the afternoon and have a full look at future cast four coming up in my next report. >> more cars on the road now that we are in the 6:00 hour. give yourself extra time if you're planning on heading into san francisco. traffic is busy at the bay bridge toll plaza. if you fasttrack you will save some time because the cash lanes are quickly backing up. no problems on the bridge and nothing to slow you down. just regular commute traffic
of the house john boehner are getting closer to reaching a deal to avoid the fiscal cliff. john boehner says last week's offer stands and it doesn't include higher tax rates on the wealthy. the white house says there can't be a deal without the increase. >> people are disgusted at the notion of a fiscal cliff took their feelings to the streets today. [ singing ] >> 75 protesters rallied downtown at noon and the raging grannies sang. the demonstration was organized by the american dream counsel and moveon.org. they are asking the public to contact john boehner. >> we are focusing our rally on john boehner and asking him to pay attention to what is good for the country instead of protecting himself. >> the group says they will target any lawmaker who tries to cut a deal over the fiscal cliff. >>> thousands will pause saturday to remember those who lost their lives serving our country. [ bagpipes playing ] >> the kickoff was held today at the state capttle. -- capital. >> makes you quietly think that, one, you are glad to be an american, you have to say thank you to these individuals who gave t
reconsider the controversial measure. >>> and president obama and house speaker boehner mum on fiscal cliff negotiations. and a sign that a deal could be near. >>> new world order, the economy growing at an enormous rate in china, and in a few years it will surpass the u.s. what it means, coming up. >>> dozens of homes damaged in the south, ripping off roofs and damaging trees. more to come. stamp watch, straight ahead. >>> lots to talk about this morning. the next two hours, we'll talk with steve israel. jeff sessions, sandy levin, rahm emanuel and businessman javier paolomarez, ed burns, frankie monday easy, and chuck leavell. "starting point" begins right now. welcome, everybody. "starting point" this morning, angry, united. bracing for protests in michigan as the state is poised to become the most unionized right to work state. as many as 10,000 unionized workers expected at the state capitol to voice their disapproval of the measure. some of them teachers, two detroit area school districts shut down for the day as hundreds of teachers plan to join the protest. president obama brought i
or no deal boomerangs and hurts republicans? >>guest: i don't want to go off the fiscal cliff which congress created in a bipartisan way. this fiscal cliff is the direct result of the last fiscal cliff when we had the debt limit showdown. >>neil: both sides agreed. >>guest: i voted again i. why create the artificial crisis as a way to force action? it never works. >>neil: bethis. they did. >>guest: and now they are going to do it again. they are saying, now, hurt growth in america, cut a deal that hurts growth in america so in a year from now we will have a worst fiscal cliff and that is the real fiscal cliff $16 trillion debt which the tax you have 200,000 less jobsve next year and the people voting for that will be responsible and held accountable for the public policy. >>neil: you have been talking about freeing out to the middle-class. for and reason in the last election republicans lost the middle class. they seemed to get stereotypes as the party that appeals only to the well-to-do. what i am asking you, how do you change that? the perception sticks in the eyes of some. >>guest: first
, a racket. what's exposed this rift is the fiscal cliff, the united states faces this january 1st. the hard righters are attacking any sign of compromise as a white flag of retreat. who is going to ge could out the winner in this fight? the people who make money pulling conservatives to the hard right or the people who believe conservative office holders like liberal office holders have a real stake in making the government work. a far bigger question, will the war on the right help the country unite and avoid the fiscal cliff or will it give the right a chance to bring the house down. with me is ron reagan and dana milbank of the "washington post." there's been a new offer, unclear so far, put forward by the gop to the white house regarding the fiscal cliff. at this time nbc cannot confirm any specific details within the offer. it was sent over this afternoon. speaker boehner's spokesman said, quote, we sent the white house a counteroffer that would achieve tax and entitlement reform to solve our looming debt crisis and create more american jobs. that's all we know. dana milbank, they say
today pushing the fiscal cliff plan and you know what? he made the solution sound so simple. >> when you put it altogether what you need is a package that keeps taxes where they are for middle class families, we make some tough spending cuts on things we don't need and ask the wealthiest americans to pay a slightly higher tax rate. >> not so fast, mr. president. president obama says his plan reduces the deficit we $4 trillion over 10 years. forget the fact that it counts war savings which shouldn't count and go with the $4 trillion. house speaker john boehner said his plan cuts $2.2 trillion over 10 years. think about $16 trillion. that's how much debt this country has and according to bill gross, the man who runs the world's biggest bond fund, the guy that decides to lend money to the united states and how much we have to pay to borrow, says we have to cut spending or raise taxes by 11% of gdp over next 10 years and according to gross that's $1.6 trillion a year. that is, let's just make this clear, $1.2 trillion a year more than the president proposes and $1.38 trillion a year more tha
in a dangerous game, trying to negotiate a deal to avert the fiscal cliff and using public pressure to try and sway the outcome. exhibit a, the president rallied the crowd on monday in michigan to make the point he's looking to drive home. taxes have to go up on the rich. >> so when you put it all together what you need is a packet that keeps taxes where they are for middle class families. we make some tough spending cuts on things that we don't need, and then we ask the wealthiest americans to pay a slightly higher tax rate. >> but here's exhibit b. republicans still have the majority in the house. and many conservatives say they have their own mandate in their districts to cut spending and stop the president from raising taxes. and that brings us to exhibit c republicans are determined to play the long game to win. >> the game you're playing is small ball. you're talking about raising rates on the top 2% that have run the government for 11 days. you just got re-elected. how about doing something big that's not liberal, how about doing something big that really is about partisan. every bi
, the closer our economy gets to the fiscal cliff. >> nobody should trust democrats to put a dime until real deficit reductions. >> reporter: to better understand the gop positioning, remember what any reduction deficit looks like drawn from two different pots of money. first, tax revenue. second, spending cuts likely to center on changes to entitlements like medicare. on revenues, republicans already conceded to tax increases for the wealthy. the big sticking point is what kind and how much. since that is angering many on the right who oppose any tax increases, republicans want democrats to take the heat for entitlement cuts by proposing them first so republicans don't face the wrath of seniors, too. remember this 2011 ad depicting paul ryan throwing granny off the cliff? the white house says it's republicans who haven't offered specifics and the president has. >> very specific spending cuts, including savings in entitlement programs. again, i -- it's not a mystery. we've seen this before. this is the document. >> reporter: that document is last year's white house recommendations to the sup
that fiscal cliff. >>> find out when it is expected to hit, it is all ahead on the ktvu channel 2 morning news. complete bay area coverage starts right now this is the ktvu channel 2 morning news. >>> well, good morning to you, we are ready, it is tuesday december the 11th, i am dave clark. >> let's start with the weather, maybe some rain coming? >> more cold. >>> it is even colder out there for some but it will be colder for all. upper 70s, that will be a distance memory here soon. the system does not have any rain but temperatures are coming down, low clouds and increasing clouds and very 50s, very low 60s. >>> good morning, no major problems and the weather continues to look good in sunny veil. 5:00 let's go back to the desk. >>> we have been following breaking news out of the area, tara moriarty just arrived at the scene and it's an apartment fire at the bart station. >> that's right, we are only a block away from the bart station. >> reporter: these are some apartment complexes and you can see firefighters right now are making sure there are no more hot spots in the addict -- attic but yo
. >> the house speaker, john boehner, is speaking now on the house floor regarding the fiscal cliff. let's take a listen. >> beyond 1:50 p.m. today. >> the speaker of the house for five minutes. >> the speaker, last week republicans made a serious offer to avert the fiscal cliff, and most of it was based on testimony given last year by president clinton's former chief of staff erskine bolles. as he said on sunday, we have to cut spending. well, he is right. washington has a spending problem. let's be honest, we're broke, and the plan that we've offered is consistent with the president's call for a balanced approach. a lot of people know that the president and i met on sunday. it was a nice meeting. cordal. we're still waiting for the white house to identify what spending cuts the president is willing to make as part of the balanced approach that he promised the american people. you know, where are the president's spending cuts? the longer the white house slow walks this process, the closer our economy gets to the fiscal cliff. here's what we do know. we know that the president wants more stimul
, and should we pay attention to that than the fiscal cliff discussions? >> well, you know, right now, doesn't seem like the market is paying attention to that right now. it reminds me a lot of september, before the election, when the s&p's rallied. everything was con taped. we were worried about central bank, liquidity, numbers okayed here, heating up in china. people thought europe was contained, and it feels that way now. people looking past the headlines whether it's the fiscal cliff or europe. i mean, there's a lot of doom day sayers out there, and it makes sense, but it seems like everything right now is contained, and the trade is up to the upside. david: right. liz mentioned the fed decision coming up, should be hearing about it tomorrow. what's the market expecting from the fed? in what way will they be excited or disappointed? >> well, i think the market, if you look at the options market, the flows into the ten year treasuries, it's implying 85 billion per month. the reason i say that is right now, deals, what, 165 #, if that was not the case, yields should be up 180, maybe 183 ri
up fiscal cliff, we're now seeing house speaker boehner discussing the issue from the house floor. the first time he's commented publicly after meeting with president obama sunday. let's listen. >>> right flonow the american people have to be wondering when is the president going to get serious. i yield back. >> the chair recognizes the gentlemen from pennsylvania mr. altmire, for five minutes. >> i rise to recognize victor decarlo for receiving the -- >> we have been listening to the house speaker talking about negotiations taking place with the president obviously, a lot of people watching closely, trying to avoid the fiscal cliff which would mean tax hikes for almost all americans but also severe cuts as well. they are debating that publicly as well as privately. i want to talk more about the rebel group that we had mention before in syria, that is now designated a new terrorist organization, cnn's hala gorani joining us atlanta. hala, first of all, you've got the syrian rebels, they're there fighting al assad's government. now the u.s. government, state department, steps in an
and ignore the momentarily crisis, the fiscal cliff or the ben gas bengahzi kerfuffle how do we begin to think about that, you mentioned, you are the think tank of this administration. >> we put put forward a tax reform plan that meets the levels of revenue that they put forward, but does it in a fairer way that supports the middle class and working people by changing the structure of the personal income taxes. it does raise the rates up to back up to the clinton levels, which by the way the economy did pretty well under for the people at the top but it converts deductions into a simple credit, which would make the income tax system rather than exacerbateing income and inequality, it would dampen it by giving everybody the same credit. if i'm a teacher and i have $1' worth of mortgage, i get $0.18. if i'm a millionaire i get $0.18. >> eliot: right now, the higher income get a bigger deduction. >> that's true for retirement and across the range of benefits that you get under the incomes tax. >> eliot: i want to focus on a piece of that proposal that you put forward. you want to raise t
foxx is under fire for joking about murdering white people. as the fiscal cliff draws near, the anointed one prepares for another hawaii megavacation. rudy giuliani and allen west are here to talk about the misplaced presidential priorities. and the deejays behind the royal nurse suicide break their silence. tonight on "hannity," our commander in chief embraces a rapper calling for the death of innocent americans. now practically everybody in america has heard about the gangnam style popular song by the rapper psy. listen. >> ♪ ♪ >> sean: very popular. while the youtube video has had more than 900 million hits, new information about the singer is emerging. back in 2004, the rapper performed a song entitled "dear american" with the lyrics, quote, kill those black yankees who have been torturing iraqi captives. kill those black yankees who ordered them to torture. kill their daughters, mothers, daughters-in-law, fathers, kill them all slowly and painfully. now after must deserved outrage from you the american people the controversial psy was forced to issue an apology las
school bond. >> we have over 10,000 schools. >> in the newsroom, phil matier, cbs 5. >>> fiscal cliff camps are sprouting up across california. congresswoman's office in san jose, local seniors rally to demand lawmakers raise taxes on bank and corporations lain off social programs. city omhi-wwork. 3 >>> developing news in san pablo. ken bastida is live with more. police still look for the gunman? >> reporter: that's right, allen. they are still trying to figure out what happened inside this apartment. as you mentioned, shots rang out. it is normally quiet here. early sunday morning when police got here they found two people's bodice -- bodies laying on the stairs here. they also found something else inside the apartment. they found their 4-year-old daughter inside safe. police say somebody in this neighborhood knows what happened and they want find out. >> in front of my mom's house on dover and i heard two loud gunshots. >> on a saturday night there are people still up watching tv, doing nightly events. we're hoping that often times a person will say i heard something but they thi
. he's afraid of his own party. >> fiscal cliff negotiations proving once again that obama is never worried about trying to fix the problem. >> how about manning up here, mr. president. >> all he's trying to do is fix the blame. >> the president won. he wants to prove he can dominate. >> 15 auto workers fired are back on tle job tonight. >> hey, guys, hate to be a buzzkill, but shouldn't you guys be building cars? don't you guys work out at the chrysler factory? >> this right to work in michigan is a big deal. and michigan is about to become a right to work state, where you can't get a job without having to join a union. >> these so-called right to work laws don't have anything do with economics. they have everything to do with politics. >> michigan is ground zero for union activity. >> ♪ gangnam style >> this guy should have never been there. they realized he had done this in 2002 and 2004. apologies don't matter. he said we want american troops, their families, wives and kids, to die, die a painful death. you don't apologize for that. you're a bad person. get him out of the whit
over this past weekend we heard the fiscal cliff is a cliff. no parachute. bad things happen if we go over it. i have never been persuaded of that. the payroll tax is likely to go up either way. the taxes in the healthcare bill will kickback in no matter what. sequestration could be remedied. is it in your view a slope, a cliff, what is the metaphor, and is there hysteria attached to this that is excessive? >> cliff is a problematic metaphor because it is not like the debt ceiling. it's not even like the government shutdown. you don't necessarily have an enormous market reaction. this is not like the country defaulting on its debt. but it's serious for two reasons. we don't know what the reaction could be. there it is a chance that it could spook the markets. the second thing, the combine pieces of this passage is a combined 4% of the gdp. if they went into affect and remained in affect not just for a couple of weeks but for the full year it's hard to see how the economy avoids a recession next year. it's not guaranteed but it's more than enough to push the economy into a recession. i
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